Not sure how much Citigroup matters these days, but this could way on shares today:

Citigroup lowers its rating on VMware (NYSE: VMW) to Sell from Hold and lowers its price target to $80 from $87 per share as upside to street estimates will be challenging in 2012.

Citigroup notes, "Perpetual license model, ties to hardware refresh and relatively high Europe exposure put VMW among the most exposed if IT spending conditions worsen. Virtualization remains a priority on our CIO surveys but this was the case through the 2008 downturn as well. During the 08-09 downturn, VMW's revenue decelerated among the most in our coverage universe."